USA job growth slows sharply, unemployment rate falls to 4.5%

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Friday's report from the Labor Department also said the unemployment rate fell two-tenths of a percent, to 4.5 percent. Retail jobs fell by 30,000 and construction was up just 6,000 after a gain of 59,000 in February.

US job growth slowed sharply in March amid continued layoffs in the retail sector, but a drop in the unemployment rate to a near 10-year low of 4.5 percent suggested the labor market was still tightening. The unemployment rate was the lowest since 2007, before the Great Recession hit. Payroll processor ADP estimated that businesses added a booming 298,000 jobs.

Earlier today, Labor Department announced data regarding United States job growth showing signs of slowing down, while the unemployment rate is now at 4.5 percent, a almost 10-year low.

Analysts attributed the slower job gains in March to weather-related factor, and pointed out that the low unemployment rate indicated that the labor market was still tightening. That lowered the number of unemployed and cut the unemployment rate.

The monthly job creation figure was nevertheless the weakest since May 2016 and blunted the surging numbers seen in January and February, when unseasonably warm weather helped push job creation well above the 200,000 mark.

The number of people unemployed in the United Kingdom and the unemployment rate were both higher when Labour left office in 2010 than when it came to power in 1997.

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London's unemployment rate has fallen for the second straight month. Adding in supervisors and executives, hourly earnings added 5 cents to $26.14.

Albemarle County's unemployment decreased from 3.6 percent in January to 3.3 percent in February. The unemployment rate for teens dropped to 13.7 per cent from 15 per cent. The private service-providing sector added 36,100 jobs. Health care, up 14,000, and the financial sector, up 9,000, also continued their upward trends.

In addition, wage growth slowed slightly in March.

Professional services and healthcare were primary drivers of employment gains, supported by strength in manufacturing (+11K) and natural resources & mining (+11K), which showed their fourth- and fifth-consecutive months of growth, respectively.

Information for this article provided by the ODJFS and WorkForce West Virginia.

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